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Grant Film Productions wishes to expand and has borrowed $100,000. As a condition for making this loan, the bank requires that the business maintain a current ratio of at least 1.50. Business has been good but not great. Expansion costs have brought the current ratio down to 1.40 on December 15. Rita Grant, owner of the business, is considering what might happen if she reports a current ratio of 1.40 to the bank. One course of action for Grant is to record in December $10,000 of revenue that the business will earn in January of next year. The contract for this job has been signed. Requirements Journalize the revenue transaction, and indicate how recording this revenue in December would affect the current ratio. Discuss whether it is ethical to record the revenue transaction in December. Identify the accounting principle relevant to this situation, and give the reasons underlying your conclusion.
She receives a $6,000 distribution, and her share of S corporation items includes a $2,000 long-term capital gain and a $9,000 ordinary loss. Determine the effects of these events on AAA, stock basis, and AEP.
How is the value of a bond determined? What is the value of a 10- year, $1000 par value bond with a 10% annual coupon if its required rate of return is 10%
Over the past 75 years, we have observed that investments with the highest average annual returns also tend to have the highest standard deviations of their annual returns.
Prepare a comparative income statement for fiscal years 2003 and 2004 in vertical form, starting each item as a percent of revenues. Round to one decimal place.
Both companies will have the same net income. Which of the following is an example of a payroll tax expense incurred by the employer?
discuss how lease accounting changes affect commercial real estate companies. assume you are the cfo for a large retail
what is the relationship between confidence intervals and hypothesis testing?how are they the same? how are they
A method of estimating bad debts expense that involves a detailed examination of outstanding accounts and their length of time past due is the:
A. Which price should Premium choose, $57 or $60, to maximize its revenues for the year? B. What other factors should Premium consider before making its pricing decision?
Refinement and standardization of financial statements and Why is the distinction important in evaluating the regulation question
Sarah is single and earns $60,000 in salary. She wants to invest $2,500 per year in an IRA but is not sure which type she qualifies for and whether this would be a better investment than investing the money in preferred stock paying a 6 percent a..
What are examples of irregular items? How does a change in accounting principles affect the financial statements? Who in the organization is responsible for the application of a change in an accounting principle? Why?
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